交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年8月26日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年8月份国内沥青总计划排产量为241.3万吨，环比降幅5.1%, 同比增幅17.1%。本周国内石油沥青样本产能利用率为32.838%，环比减少2.40个百分点，全 国样本企业出货23.73万吨，环比减少4.50%,样本企业产量为54.8万吨，环比减少6.80%,样 本企业装置检修量预估为64.8万吨，环比增加11.15%,本周炼厂有所减产，降低供应压力。下 周或将减少供给压力。 需求端来看，重交沥青开工率为30.7%，环比减少0.07个百分点，低于历史平均水平；建筑沥 青开工率为18.2%，环比持平，低于历史平均水平；改性沥青开 ...

2025 年 8 月 26 日 沥青：裂解续弱 王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com 商 品 研 究 【基本面跟踪】 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2509 | 元/吨 | 3,545 | 0.71% | 3,549 | 0.11% | | | BU2510 | 元/吨 | 3,512 | 0.83% | 3,528 | 0.46% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2509 | 手 | 5,925 | (240) | 15,517 | (2,366) | | | BU2510 | 手 | 169,612 | 30,160 | 191,301 | (17,115) | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 72650 | 0 | | | | | | | 昨日价差 | 前日价差 | ...

重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 螺卷早报（2025-8-25） 每日观点 螺纹： 1、基本面：需求不见起色，库存低位小幅减少，贸易商采购意愿仍不强，下游地产行业继续处下行周期；偏 空 2、基差：螺纹现货价3300，基差179；偏多 3、库存：全国35个主要城市库存432.51万吨，环比增加，同比减少；偏多 4、盘面：价格在20日线下方，20日线向下；偏空 5、主力持仓：螺纹主力持仓净空，空增；偏空 6、预期：房地产市场依旧偏弱，后市需求降温，国内有去产能的计划冲击市场，高位震荡思路对待 利多： 产量库存维持低位，现货升水，国内去产能预期。 交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号： F03105325 投资咨询证号： Z0021337 联系方式：0575-85226759 利多： 需求尚可，现货升水，国内去产能预期。 利空： 下游地产行业下行周期延续，终端需求继续弱势运行低于同期。 每日观点 热卷： 1、基本 ...

证券代码：839979 PVC期货周报 2025年08月18日-08月22日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 1 回顾与展望 2 基本面分析 3 技术面分析 2 1 回顾与展望 3 回顾与展望 本周01合约为下跌态势,周一开盘价为5103元/吨,周五收盘价为5019元/吨，周跌幅为1.64% 供给端来看,据隆众统计，2025年7月PVC产量为200.461万吨,环比增加0.60%;本周样本企业 产能利用率为77.61%,环比减少0.03个百分点;电石法企业产量32.8255万吨,环比减少3.94%,乙 烯法企业产量13.656万吨,环比减少2.04%;本周供给压力有所减少;下周预计检修有所减少，预计 排产增加幅度可观。 需求端来看,下游整体开工率为42.7%,环比减少0.04个百分点,低于历史平均水平;下游型材 开工率为37. ...

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年8月25日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年8月份国内沥青总计划排产量为241.3万吨，环比降幅5.1%, 同比增幅17.1%。本周国内石油沥青样本产能利用率为32.838%，环比减少2.40个百分点，全 国样本企业出货23.73万吨，环比减少4.50%,样本企业产量为54.8万吨，环比减少6.80%,样 本企业装置检修量预估为64.8万吨，环比增加11.15%,本周炼厂有所减产，降低供应压力。下 周或将减少供给压力。 需求端来看，重交沥青开工率为30.7%，环比减少0.07个百分点，低于历史平均水平；建筑沥 青开工率为18.2%，环比持平，低于历史平均水平；改性沥青开 ...

交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2025年8月25日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 5、主力持仓: 主力持仓净空，空减。 偏空。 6、预期: 电石法成本走强，乙烯法成本走弱，总体成本走强；本周供给压力有所减少；下周预计检修有所减 少，预计排产将会增加。总体库存处于中性位置；当前需求或持续低迷；持续关注宏观政策及出口动 态，PVC2601:在4975-5063区间震荡。 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，据隆众统计，2025年7月PVC产量为200.461万吨，环比增加0.67%；本周样本企业产能 利用率为77.61%，环比减少0.03个百分点；电石法企业产量32.8255万吨，环比减少3.94%,乙烯法企 业产量13.656万吨，环比减少2.04%；本周供给压 ...

证券代码：839979 沥青期货周报 1 回顾与展望 3 回顾与展望 2025年08月18日-08月22日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 1 回顾与展望 2 基本面分析 3 技术面分析 2 本周10合约为上涨态势,周一开盘价为3461元/吨,周五收盘价为3483元/吨，周涨幅为0.64%。 供给端来看，根据隆众对96家企业跟踪，2025年6月份国内沥青总计划排产量为239.8万吨，环 比增幅3.5%,同比增幅12.7%。本周国内石油沥青样本产能利用率为32.838%，环比减少2.40个百分 点，全国样本企业出货23.73万吨，环比减少4.50%,样本企业产量为54.8万吨，环比减少6.80%,样本 企业装置检修量预估为64.8万吨，环比增加11.15%。本周炼厂有所减产，降低供应压力。下周或将 减少供给压力。 需求端来看,重 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Supply - side**: In July 2025, PVC production was 2.00461 million tons, a month - on - month increase of 0.67%. This week, the sample enterprise capacity utilization rate was 80.33%, a month - on - month increase of 0.01 percentage points. The production of calcium carbide enterprises was 341,725 tons, a month - on - month increase of 1.67%, and the production of ethylene enterprises was 139,410 tons, a month - on - month decrease of 0.28%. Supply pressure increased this week, and next week, maintenance is expected to decrease, with a significant increase in scheduled production [7]. - **Demand - side**: The overall downstream operating rate was 42.75%, a month - on - month decrease of 0.10 percentage points, lower than the historical average. The operating rate of downstream profiles was 36.91%, unchanged from the previous period, lower than the historical average. The operating rate of downstream pipes was 32.96%, a month - on - month increase of 0.869 percentage points, lower than the historical average. The operating rate of downstream films was 72.86%, a month - on - month decrease of 4.06 percentage points, higher than the historical average. The operating rate of downstream paste resin was 77.97%, a month - on - month increase of 0.429 percentage points, higher than the historical average. Shipping costs are expected to decline, and domestic PVC export prices are competitive. Current demand may remain sluggish [8]. - **Cost - side**: The profit of calcium carbide method was - 230.8115 yuan/ton, with a month - on - month decrease in losses of 8.00%, lower than the historical average. The profit of ethylene method was - 539.6422 yuan/ton, with a month - on - month increase in losses of 10.30%, lower than the historical average. The double - ton price difference was 2,641.85 yuan/ton, with a month - on - month profit decrease of 0.00%, higher than the historical average, and scheduled production may increase [8]. - **Overall Outlook**: The cost of calcium carbide method is strengthening, the cost of ethylene method is weakening, and the overall cost is strengthening. Supply pressure increased this week, and next week, maintenance is expected to decrease, with an increase in scheduled production. The overall inventory is at a high level, and current demand may remain sluggish. Continuously monitor macro - policies and export trends. PVC2601 is expected to fluctuate in the range of 4,958 - 5,058 [9]. - **Leveraging Factors**: Supply resumption, cost support from calcium carbide and ethylene, and export advantages [12]. - **Restraining Factors**: Overall supply pressure rebound, high and slowly consumed inventory, and weak domestic and foreign demand [12]. - **Main Logic**: Strong overall supply pressure and poor recovery of domestic demand [13]. 3. Summary by Directory 3.1 PVC Market Overview - **Price Changes**: Various PVC - related prices showed different degrees of increase or decrease. For example, the price of East China SG - 5 was 4,930 yuan/ton, a month - on - month decrease of 0.20%. The price of some contracts also had corresponding changes [15]. - **Inventory Changes**: Factory inventory was 326,702 tons, a month - on - month decrease of 3.10%. Calcium carbide factory inventory was 250,202 tons, a month - on - month decrease of 3.68%. Ethylene factory inventory was 76,500 tons, a month - on - month decrease of 1.14%. Social inventory was 492,800 tons, a month - on - month increase of 2.49%. The inventory days of production enterprises in stock were 5.4 days, a month - on - month decrease of 3.57% [10][15]. - **Operating Rate Changes**: The overall downstream operating rate and the operating rates of different downstream products (profiles, pipes, films, paste resin) had different changes, with some increasing and some decreasing [8][15]. 3.2 PVC Futures Market - **Base - price Trend**: On August 20, the base price of the 01 contract was - 78 yuan/ton, with the spot price at a discount to the futures price [10]. - **Difference Analysis**: The differences between different contracts (such as 1 - 9, 5 - 9) showed different trends over time [24]. 3.3 PVC Fundamental Analysis - **Calcium Carbide Method - Related**: - **Lancoke**: The price, cost, profit, operating rate, inventory, and daily output of Lancoke showed different trends over different time periods [27]. - **Calcium Carbide**: The price, cost, profit, operating rate, maintenance loss, and production of calcium carbide also had different trends [29]. - **Liquid Chlorine and Raw Salt**: The prices and production volumes of liquid chlorine and raw salt changed over time [31]. - **Caustic Soda**: The price, cost, profit, operating rate, production, maintenance volume, and inventory of caustic soda showed different trends [33][36]. - **PVC Supply Trend**: The capacity utilization rate, profit, production, and maintenance volume of calcium carbide and ethylene methods in PVC production had different trends over time [37][39][41]. - **Demand Trend**: The sales volume of traders, pre - sales volume, production - sales rate, apparent consumption, and downstream operating rates of PVC showed different trends over time. The investment, construction, new construction, sales, and completion areas in the real estate market also had an impact on PVC demand. Additionally, social financing scale increments, M2 increments, local government new special bonds, and infrastructure investment growth rates were also analyzed [43][45][47][52][54]. - **Inventory Situation**: The exchange warehouse receipts, calcium carbide factory inventory, ethylene factory inventory, social inventory, and inventory days of production enterprises showed different trends over time [57]. - **Ethylene Method - Related**: The import volumes of vinyl chloride and dichloroethane, PVC export volume, price differences of ethylene method FOB and vinyl chloride import showed different trends over time [59]. - **Supply - Demand Balance Sheet**: The export, demand, social inventory, factory inventory, production, and import of PVC in different months of 2024 and 2025 were presented [62].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The supply pressure of PVC increased this week. The output in July 2025 was 2.00461 million tons, a month - on - month increase of 0.67%. The capacity utilization rate of sample enterprises this week was 80.33%, a month - on - month increase of 0.01 percentage points. The production of calcium carbide enterprises was 341,725 tons, a month - on - month increase of 1.67%, while that of ethylene enterprises was 139,410 tons, a month - on - month decrease of 0.28%. It is expected that the maintenance will decrease next week, and the scheduled production will increase significantly [7]. - The overall downstream demand is weak. The overall downstream operating rate is 42.75%, a month - on - month decrease of 0.10 percentage points, lower than the historical average. The operating rate of downstream profiles is 36.91%, unchanged from the previous period, lower than the historical average. The operating rate of downstream pipes is 32.96%, a month - on - month increase of 0.869 percentage points, lower than the historical average. The operating rate of downstream films is 72.86%, a month - on - month decrease of 4.06 percentage points, higher than the historical average. The operating rate of downstream paste resin is 77.97%, a month - on - month increase of 0.429 percentage points, higher than the historical average. Shipping costs are expected to decline, and the domestic PVC export price is competitive, but the current demand may remain sluggish [8]. - The cost side shows different trends. The profit of calcium carbide method is - 230.8115 yuan/ton, and the loss decreased by 8.00% month - on - month, lower than the historical average. The profit of ethylene method is - 539.6422 yuan/ton, and the loss increased by 10.30% month - on - month, lower than the historical average. The double - ton price difference is 2,661.85 yuan/ton, and the profit decreased by 1.00% month - on - month, higher than the historical average, which may lead to an increase in scheduled production [8]. - The overall situation is that the cost of calcium carbide method is strengthening, the cost of ethylene method is weakening, and the overall cost is strengthening. The supply pressure has increased this week, and the scheduled production is expected to increase next week. The overall inventory is at a high level, and the current demand may remain sluggish. The PVC2601 is expected to fluctuate in the range of 4,949 - 5,053 [9]. 3. Summary According to the Directory 3.1 Daily Views - **Supply**: The supply pressure increased this week. In July 2025, the PVC output was 2.00461 million tons, a month - on - month increase of 0.67%. The capacity utilization rate of sample enterprises this week was 80.33%, a month - on - month increase of 0.01 percentage points. The production of calcium carbide enterprises was 341,725 tons, a month - on - month increase of 1.67%, and that of ethylene enterprises was 139,410 tons, a month - on - month decrease of 0.28%. It is expected that the maintenance will decrease next week, and the scheduled production will increase significantly [7]. - **Demand**: The overall downstream demand is weak. The overall downstream operating rate is 42.75%, a month - on - month decrease of 0.10 percentage points, lower than the historical average. Different downstream sectors have different trends, but generally, the demand is not strong. Shipping costs are expected to decline, and the domestic PVC export price is competitive, but the current demand may remain sluggish [8]. - **Cost**: The profit of calcium carbide method is - 230.8115 yuan/ton, and the loss decreased by 8.00% month - on - month, lower than the historical average. The profit of ethylene method is - 539.6422 yuan/ton, and the loss increased by 10.30% month - on - month, lower than the historical average. The double - ton price difference is 2,661.85 yuan/ton, and the profit decreased by 1.00% month - on - month, higher than the historical average, which may lead to an increase in scheduled production [8]. - **Other Factors**: The basis on August 19 was - 71 yuan/ton, with the spot at a discount to the futures. The factory inventory was 326,702 tons, a month - on - month decrease of 3.10%, the social inventory was 492,800 tons, a month - on - month increase of 2.49%. The MA20 of the disk is downward, and the price of the 01 contract closed below the MA20. The net position of the main force is short, and the short position increased [10]. - **Expectation**: The cost of calcium carbide method is strengthening, the cost of ethylene method is weakening, and the overall cost is strengthening. The supply pressure has increased this week, and the scheduled production is expected to increase next week. The overall inventory is at a high level, and the current demand may remain sluggish. The PVC2601 is expected to fluctuate in the range of 4,949 - 5,053 [9]. 3.2 PVC Market Overview - Includes yesterday's market data on various indicators such as PVC prices, spreads, inventory, and downstream operating rates. For example, the price of 01 contract decreased by 1.05% compared with the previous value, the 1 - 5 spread decreased by 0.66%, and the factory inventory decreased by 3.10% [15]. 3.3 PVC Futures Market - **Base - price Trend**: The base - price relationship between the spot and futures is presented, showing the change trend of the base price over time [17]. - **Price and Volume Trends**: The price and trading volume trends of PVC futures are shown, including the opening price, highest price, lowest price, closing price, and moving averages such as MA10, MA5, MA20, MA60, and MA120. The change trends of the positions of the top 5 and top 20 seats are also presented [20]. - **Spread Analysis**: The spread trends between different contracts, such as the 1 - 9 spread and 5 - 9 spread, are analyzed [23]. 3.4 PVC Fundamental Analysis - **Calcium Carbide Method - Related**: Analyzes the prices, costs, profits, operating rates, and inventories of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, caustic soda, and the cost - profit situation of the chlor - alkali industry. For example, the price trend of semi - coke in Shenmu, the cost - profit situation of calcium carbide in Shaanxi, the price and production of liquid chlorine, the price and production of raw salt, the price, cost - profit, operating rate, and production of 32% caustic soda in Shandong, and the cost - profit situation of the chlor - alkali industry in Shandong are all presented [26][28][30][32][35]. - **Supply Trend**: Analyzes the capacity utilization rates, profits, production, and maintenance volumes of the calcium carbide method and ethylene method in PVC production. For example, the capacity utilization rate of the calcium carbide method this week is 79.96%, a month - on - month increase of 1.67%, and the capacity utilization rate of the ethylene method is 81.26%, a month - on - month decrease of 0.28% [37][39][41]. - **Demand Trend**: Analyzes the sales volume of traders, pre - sales volume, production - sales ratio, apparent consumption, and downstream operating rates of PVC. It also includes the relationship between PVC demand and real estate investment, construction area, new construction area, sales area, completion area, social financing scale increment, M2 increment, local government special bond issuance, and infrastructure investment. For example, the daily sales volume of PVC traders in the East China region (excluding Shandong) is presented, and the relationship between PVC demand and real estate investment and construction is analyzed [43][47][52][54]. - **Inventory Situation**: Analyzes the inventory situation of PVC, including exchange warehouse receipts, calcium carbide factory warehouse inventory, ethylene factory warehouse inventory, and social inventory. For example, the exchange warehouse receipts, calcium carbide factory warehouse inventory decreased by 3.68% month - on - month, and the social inventory increased by 2.49% month - on - month [56]. - **Ethylene Method - Related**: Analyzes the import volumes of vinyl chloride and dichloroethane, PVC export volume, and price spreads in the ethylene method. For example, the import volume of vinyl chloride and dichloroethane and the export volume of PVC are presented, and the price spread between Tianjin and Taiwan in the ethylene method is analyzed [58]. - **Supply - Demand Balance Sheet**: Presents the monthly supply - demand situation of PVC from June 2024 to July 2025, including export volume, demand, social inventory, factory inventory, production, and import volume [61].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall supply pressure of PVC has rebounded, with increased supply this week and expected further increases in production scheduling next week. The overall inventory is at a high level, and the current demand may remain sluggish. The PVC2601 contract is expected to fluctuate in the range of 4999 - 5109. The main logic is the strong overall supply pressure and the poor recovery of domestic demand [7][8][9]. - The bullish factors include the resumption of supply, cost support from calcium carbide and ethylene, and export advantages. The bearish factors are the rebound in overall supply pressure, high - level and slow - consuming inventory, and weak domestic and foreign demand [12]. 3. Summary According to the Directory 3.1 Daily Views - **Supply Side**: In July 2025, PVC production was 2.00461 million tons, a month - on - month increase of 0.67%. This week, the sample enterprise capacity utilization rate was 80.33%, a month - on - month increase of 0.01 percentage points. Calcium carbide - based enterprise production was 341,725 tons, a month - on - month increase of 1.67%, and ethylene - based enterprise production was 139,410 tons, a month - on - month decrease of 0.28%. Next week, maintenance is expected to decrease, and production scheduling is expected to increase significantly [7]. - **Demand Side**: The overall downstream operating rate was 42.75%, a month - on - month decrease of 0.10 percentage points, lower than the historical average. Different downstream sectors have different operating rate changes, and the shipping cost is bearish. The current demand may remain sluggish [8]. - **Cost Side**: The profit of calcium carbide - based production was - 230.8115 yuan/ton, with a month - on - month decrease in losses of 8.00%, lower than the historical average. The profit of ethylene - based production was - 539.6422 yuan/ton, with a month - on - month increase in losses of 10.30%, lower than the historical average. The double - ton price difference was 2,711.85 yuan/ton, with a month - on - month profit increase of 1.10%, higher than the historical average, and production scheduling may increase [8]. - **Other Aspects**: The main positions are net short, and the short positions are decreasing. On August 18, the price of East China SG - 5 was 4,930 yuan/ton, and the basis of the 01 contract was - 124 yuan/ton, with the spot at a discount to the futures. Factory inventory was 326,702 tons, a month - on - month decrease of 3.10%, and social inventory was 492,800 tons, a month - on - month increase of 2.49%. The MA20 is downward, and the futures price of the 01 contract closed below the MA20 [8][9][10]. 3.2 PVC Market Overview The report presents yesterday's PVC market data, including prices, spreads, inventory, operating rates, and profits of different types of enterprises and products, as well as their changes compared with the previous period [15]. 3.3 PVC Futures Market - Basis Trend The report shows the historical trend chart of PVC basis, including the relationship between basis, East China market price, and the closing price of the main contract [17][18]. 3.4 PVC Futures Market - Spread Analysis - Main Contract Spread The report shows the historical trend chart of the spread of the PVC main contract, including the 1 - 9 spread and 5 - 9 spread in 2024 and 2025 [23][24]. 3.5 PVC Fundamental - Calcium Carbide Method - Related Factors - **Lancoke**: It shows the historical trends of Lancoke medium - grade material price, cost - profit, operating rate, weekly inventory, and daily output [26][27]. - **Calcium Carbide**: It shows the historical trends of Shaanxi calcium carbide mainstream price, Wuhai weekly calcium carbide cost - profit, calcium carbide operating rate, maintenance loss, and production [28][29]. - **Liquid Chlorine and Raw Salt**: It shows the historical trends of liquid chlorine price, production, raw salt price, and monthly production [30][32]. - **Caustic Soda**: It shows the historical trends of 32% caustic soda price in Shandong, caustic soda cost - profit, sample enterprise caustic soda operating rate, weekly production, and maintenance volume [33][34]. 3.6 PVC Fundamental - PVC Supply Trend It shows the historical trends of calcium carbide - based and ethylene - based PVC capacity utilization rates, calcium carbide - based and ethylene - based PVC profits, PVC daily production, weekly maintenance volume, weekly PVC capacity utilization rate, and weekly sample enterprise PVC production [38][39][40]. 3.7 PVC Fundamental - Demand Trend - It shows the historical trends of PVC daily trader sales volume, weekly pre - sales volume, weekly PVC production - sales ratio, PVC apparent consumption, PVC downstream average operating rate, and the operating rates of different downstream sectors such as profiles, pipes, films, and paste resin [43][44][45]. - It also shows the historical trends of real estate investment completion amount, housing construction area, new housing construction area, commercial housing sales area, and housing completion area, as well as social financing scale increment, M2 increment, local government new special bonds, and infrastructure investment (excluding electricity) year - on - year [52][54][55]. 3.8 PVC Fundamental - Inventory It shows the historical trends of exchange warehouse receipts, calcium carbide - based factory inventory, ethylene - based factory inventory, social inventory, and production enterprise inventory days [56][57]. 3.9 PVC Fundamental - Ethylene Method It shows the historical trends of vinyl chloride import volume, dichloroethane import volume, PVC export volume, ethylene - based FOB spread (Tianjin - Taiwan), and vinyl chloride import spread (Jiangsu - Far East CIF) [58][59]. 3.10 PVC Fundamental - Supply - Demand Balance Sheet It shows the monthly supply - demand situation of PVC from June 2024 to July 2025, including export, demand, social inventory, factory inventory, production, and import [61][62].